Carlyle taps $1.2Bn loan to refinance Hexaware deal
MUMBAI, INDIA — Private equity giant Carlyle Group is seeking a $1.2 billion syndicated loan to refinance the debt from its 2021 acquisition of Indian IT services firm Hexaware Technologies, Bloomberg reported.
The five-year loan is being underwritten by eight banks, including Citigroup Inc., Deutsche Bank AG, and HSBC Holdings Plc. It offers an interest margin of 333 basis points over the benchmark Secured Overnight Financing Rate (SOFR), and is now being marketed to broader investors.
Carlyle, through its special purpose vehicle CA Magnum Holdings, initially financed the Hexaware acquisition with $1 billion in bond sales.
Hexaware: IT and outsourcing growth story
Hexaware Technologies, headquartered in Mumbai, is a rapidly growing player in the IT and business process outsourcing (BPO) sector. The company provides cloud, automation, AI, and digital transformation services to global enterprises across banking, healthcare, travel, and insurance industries. It ranked #18 in the OA500 2025, an objective index of the world’s top 500 outsourcing companies.
Hexaware employs over 27,000 professionals across more than 30 global offices, including operations in the United States, the United Kingdom, Mexico, Poland, and the Philippines. Its growth has made it one of Carlyle’s most significant tech investments in Asia.
The loan demonstrates Carlyle’s intent to solidify Hexaware’s balance sheet post-IPO and optimize its capital structure. By locking in favorable loan terms, the firm is positioning Hexaware for long-term expansion in the competitive IT services space.
This move also underscores growing global investor confidence in India’s tech sector, with financial institutions betting big on digital transformation and outsourcing demand.
India leads in loan activity
The refinancing follows Hexaware’s $1 billion initial public offering in February, the largest in India this year. The listing attracted heavyweight global investors such as the Government of Singapore and Abu Dhabi Investment Authority.
India remains the hottest market in Asia for dollar-denominated syndicated loans in 2025. So far, borrowers have raised nearly $7 billion, roughly 30% of Asia Pacific’s volume excluding Japan, according to Bloomberg data.
